VIC Booming prices in Phillip Island 2018/2019

Discussion in 'Where to Buy' started by johnmteliza, 4th Dec, 2018.

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  1. johnmteliza

    johnmteliza Well-Known Member

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    Phillip Island has had its strongest year of house price growth in 2018.
    • Silverleaves has experienced its strongest house price growth within the past 10 years in 2018. The median house price has increased by $176,000 in the past 12 months. The median house price in Silverleaves is now $676,000 which makes it the most expensive suburb in the area.
    • San Remo’s median house price has increased by $150,000 in the past 12 months. This is the highest growth in the past 10 years.
    • Smiths Beach’s median house price has also experienced a $140,000 increase in the past 12 months which is the strongest growth in the past 10 years.
    • Rhyll has experienced its strongest house price growth within the past 10 years in 2018. The median house price has increased by $106,000 in the past 12 months.
    • Cowes has experienced its strongest house price growth within the past 10 years in 2018. The median house price has increased by $90,000 in the past 12 months.
    • The median house price in Cape Woolamai has increased by $80,000 in the past 12 months.
    • Ventnor, Surf Beach and Sunset Strip all had a median house price increase of $30,000 - $44,000 in the past 12 months. Newhaven and Wimbledon Heights also experienced solid growth in the past 12 months.
    There is also plenty of construction occurring around the area such as the new housing estates and commercial developments. The newly built homes are also changing the overall look of the coastal suburbs which is likely making the area more appealing. Other key developments can be viewed here.

    Increased tourism in the area has also increased the appeal of the area. There were an estimated 1.4 million domestic daytrip visitors to the Phillip Island region in the year ending June 2017, representing an increase of 3.6% compared to the previous year. Visitor numbers are projected to grow by 4.2% annually to reach over 4 million visitors by 2035 which will more than double the current level of tourists in the region today.

    Phillip Island will also significantly benefit from the Phillip Island to Mornington Peninsula Car Ferry. This is because the Mornington Peninsula experienced a 20% increase in overall tourists in 2018 compared to the previous year. The Mornington Peninsula also had a 4% increase in international tourists in 2018. The car ferry will ensure these tourists can more easily explore Phillip Island as well.

    Penguin Parade is also the 2nd top tourist attraction in Victoria behind the Great Ocean Road. This is followed by the Mornington Peninsula as the 3rd most popular tourist area for day trips.

    Phillip Island is also the 2nd highest in demand area from out-of-area buyers in Australia. This is based on Domain's search enquires in 2018.

    Much like the Mornington Peninsula, Phillip Island has proven to be yet another booming coastal market. Strong demand in the area and a lower supply of listings has caused strong price growth in the past year. Rents have also generally increased in Phillip Island in the past 12 months.
     

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    Last edited: 4th Dec, 2018
  2. johnmteliza

    johnmteliza Well-Known Member

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    Phillip Island is also becoming more attractive to families with the newly built 2018 Our Lady Star of the Sea Primary School in Cowes. Newhaven College also has a modern new campus.
     

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  3. strongy1986

    strongy1986 Well-Known Member

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    @johnmteliza
    I agree on pretty much everything you said.

    Only thing I'm not sure about as is the prices booming in 2019
    Action has dried up considerably since late winter and stock has increased significantly due to all the 'smart' vendors trying to sell in spring / summer
    It will pick up in Jan / Feb but I think the boom might be over.

    On a positive there has been a lot happening down here last 5 years which makes it more livable than many parts of Melbourne
    Only piece to the puzzle missing is a hospital
     
  4. johnmteliza

    johnmteliza Well-Known Member

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    The graphs above show that listings have increased slightly in Oct/Nov as to be expected coming into summer. I wouldn't call it a significant increase in listings though. I agree the city boom might be over but I think this may be beneficial as people become more focused on popular regional/coastal areas such as Phillip Island.

    I agree a hospital is needed as the area continues to grow. At least the Frankston Hospital is set to double in size in the next few years.
     
  5. strongy1986

    strongy1986 Well-Known Member

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    labor pledged some money to get a hospital going
    see what happens I guess
     
  6. johnmteliza

    johnmteliza Well-Known Member

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    Coastal markets near the city seem to be set for high growth in 2019.

    'Soaring property prices and rising interest in coastal living are pushing price rises out from our cities into once-overlooked towns and suburbs.

    One such area is Victoria’s Mornington Peninsula, which over recent years has shifted from tourist destination to commuter suburb.

    Cooper and Newman Real Estate’s Greg Cooper told The New Daily areas on the Mornington Peninsula would continue rising in price beyond 2018 due to the changing demographics and tight market, all within striking distance of Melbourne.

    Young people have moved to areas like the NSW Central Coast and Newcastle, or Victoria’s Surf Coast and Mornington Peninsula, in search of affordable housing, while older people move there in search of lifestyle and properties within commuting distance.'

    City housing boom pushes up price of coastal properties | The New Daily
     
  7. johnmteliza

    johnmteliza Well-Known Member

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  8. tobe

    tobe Well-Known Member

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    The car ferry is a white elephant. How they expected it to increase visits I’m not sure. The drive to Hastings/ferry terminal is comparable to the drive to koo wee rup, it’s going to cost at least double the cost of petrol and once you land in cowes your stuck in the same holiday traffic you would be if you had driven and taken the bridge.

    A more frequent passenger ferry and a car hire/share scheme would have solved the problem better and cheaper and would have been attractive to interstate and overseas visitors.
     
  9. johnmteliza

    johnmteliza Well-Known Member

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    Here is the map of the typical victorian coastal touring route. You can see how the car ferry would be vital for those visiting multiple surrounding areas of Phillip Island. Having an alternative to the bridge such as the car ferry would likely reduce the amount of traffic on the bridge and ease congestion in San Remo and Cowes. I agree a more frequent passenger ferry is needed and the combination of the two would be ideal. It would increase visits as Phillip Island would essentially be connected more directly to the Mornington Peninsula which has experienced a stronger growth in tourists.

    TouringRoute-web.jpg
     
  10. strongy1986

    strongy1986 Well-Known Member

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    car ferry wont do bugger all
    taking 60 cars off.the road an hour wont make any difference on a big weekend where you can have thousands of cars queued
     
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  11. johnmteliza

    johnmteliza Well-Known Member

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    Combined with a more frequent passenger ferry I think it would help to some degree
     
  12. johnmteliza

    johnmteliza Well-Known Member

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  13. tobe

    tobe Well-Known Member

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    Nope. It’s a white elephant dreamed up by politicians to try and stay in power. There was no business case made for it. None of the locals, who rely on tourism for their livelihoods, support it.
     
  14. johnmteliza

    johnmteliza Well-Known Member

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    There was a business case made and you can find it below.
    Stony Point to Cowes Car Ferry
    http://www.basscoast.vic.gov.au/get...ny_Point_Car_Ferry_(Nov_30_2017)_sml.pdf.aspx

    You should also read these
    Shire on board for island ferry plan
    Ferry ‘link’ in Sydney tourism trip

    Thats a big assumption of local support. I think the report found that Phillip Island was divided.

    The existing ferry service has already increased trips by 30% and has a service which runs directly from Stony Pt to Phillip Island.
    More Island Services With New Ferry
     
  15. johnmteliza

    johnmteliza Well-Known Member

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    Wonthaggi Hospital is also getting a $115m upgrade which is the closest hospital to the area. The car ferry would also enable residents in Cowes to even travel by car to the Hastings, Rosebud and Mornington Hospitals as these would be closer than travelling to Wonthaggi.
     
  16. johnmteliza

    johnmteliza Well-Known Member

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    Online Search Interest:

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    Screen Shot 2018-12-16 at 4.02.48 pm.png Screen Shot 2018-12-16 at 3.58.34 pm.png Screen Shot 2018-12-16 at 3.57.03 pm.png
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    Online search interest in Phillip Island suburbs has consistently increased and is significantly higher than it was in 2017.
     
  17. johnmteliza

    johnmteliza Well-Known Member

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    Days on Market:

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  18. johnmteliza

    johnmteliza Well-Known Member

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    Stock on Market:
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    Stock on Market is lower than it was in early 2017 and has generally been decreasing. This has made the market more tightly held and consequently house prices have risen higher.
     
  19. johnmteliza

    johnmteliza Well-Known Member

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    Vendor Discounting:

    -2% Silverleaves

    -1% Cowes

    0% Rhyll

    0% Cape Woolamai

    0% Ventnor

    -6% Smiths Beach

    -1% Sunset Strip

    0% Surf Beach
     
  20. Brendon

    Brendon Well-Known Member

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